October 2012 Financial Update

Financial Update

Conference Budget
Please reference Schedule A and Schedule B for a summary of the conference budget for October 2012. 

The total annual budget for 2012 shows revenue of $3,400,000 and expenses of $3,050,136. The conference expense budget for 2012 is 8.6% less than total spending of $3,337,689 in 2011. The local churches support the conference budget through the CMF bill. 

Through ten months of 2012, revenue from church giving to CMF totalled $2,698,571. This was $134,762 or 5% less than budget, and $77,124, or 3% less than the October 2011 total.  The amount churches paid to CMF for the month of October was $283,074 and this was $48,708 less than the amount churches paid in October 2011.   To reach the 2012 budget goal of $3.4 million, $701,429 is needed over the remaining two months.  In 2011, a total of $754,066 was paid by local churches toward CMF over the last two months.  

Total expenses after ten months were $2,532,008.  This was $110,618 or 4% less than budget and $314,078 or 11% less than the October 2011 total.  Schedule B provides details of cost center budgets. 

Church Giving – All Funds
Please reference Schedule C for a summary of church giving for all funds for the ten months ending October 31, 2012 with full year comparative information for 2011 and 2010. In 2011, a total of $18.5 million was received against a total budget of $20.5 million, or a paid ratio of 90%.  This was similar to 2010, when the total received was $18.6 million or 89% of the total budget.  In 2011, there were 270 churches or 61% of the total number of churches that paid all funds 100% or more. In 2010, 63% of churches paid all funds 100%. 

Through ten months of 2012, a total of $14,473,306 has been received or 72% of the budget. For the three apportioned funds; Connectional Ministries, World Service and General Church, a total of $4,711,796 was received or 68% of the budget.  A total of $9,170,793 or 75% of budget was received for all billed funds relating to pension, health insurance, property & liability and workers compensation.  Giving of 72% of the budget, through ten months, is one point higher than the paid ratio of 71% at October 2011.  At this time, we expect giving in 2012 will be similar to the payouts of 90% and 89% for the years 2011 and 2010, respectively.